The City watchdog has set the scene for the approval of Shein’s controversial £50billion flotation.
Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said the decisions on listings are based on company disclosures and not ‘every aspect of their corporate behaviour’.
This will be a blow to the human rights groups who are lobbying the FCA to rebuff the Chinese fast fashion retailer’s float, planned for next year, amid concerns over its supply chain.
‘What parliament has not asked us to do is to be a broad regulator around every aspect of corporate behaviour and every company listed in the UK, everywhere around the world,’ Rathi told the Financial Times.
Complaints: Revolut’s boss Nikolay Storonsky (pictured), said the British market was ‘much worse’ than its counterpart in the US
He used the example of miners listed in London, which ‘find themselves facing legal difficulties in many different parts of the world’.
Shein faces allegations that forced labour from China’s Xinjiang region is used to make the cotton in its garments. It insists it has a ‘zero tolerance’ approach to forced labour.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk